Investors looking to put down money on a real estate property may want to consider North Carolina, an expert said.
North Carolina's real estate market is poised to have promising opportunities for investors in the next five years, Mike Qiu, owner of Good as Sold Homebuyers, told GoBankingRates. Qiu linked the positive outlook on North Carolina's real estate market to its fast-growing population, which grew faster than all but two states.
"The Tar Heel State has garnered attention for its steady population growth, affordable housing options, and diverse economy," Qiu said. "Cities like Charlotte, Raleigh, and Durham boast strong real estate markets fueled by factors such as job growth, low cost of living, and high quality of life. These factors, combined with North Carolina's business-friendly environment, make it a favorable state for real estate investment and wealth accumulation."
His prediction was also echoed by Ryan Fitzgerald, a North Carolina Realtor and owner of Homes Raleigh.
"A family I assisted in buying a home five years ago has seen their investment nearly double thanks to affordable properties, high quality of life, and strong job growth in tech and health care sectors," he said.
How Did North Carolina's Real Estate Market Fare in 2023?
North Carolina home values continued to increase at eye-popping levels last year. In November 2023, the price of homes in the state was 3.6% higher than the same month in 2022, hitting a median price of $362,000, according to Redfin.
While prices went up, the number of homes sold in the market fell by 8.3% year over year, with only 10,750 homes sold in November.
The state's housing supply also fell by 2.9% year-over-year, with the number of newly listed houses falling to 11,179. That meant the state's average months of supply is three months.
That being said, North Carolina's real estate market was named one of the best in the nation in August 2023, as noted in a data analysis report by financial advise site WalletHub. Specifically, the report named four North Carolina cities, including Cary, Durham, Raleigh, and Charlotte. The study analyzed real estate markets in the country based on balancing prices, sales rates, and affordability.
